FAQs Borrowers

Q: Can I borrow through FairLending.in?

A: You can borrow through FairLending.in if you:

  • Are an Indian national with identity proof and address proof
  • Are at least 21 years old

Q: How do I get started?

A: Simply click on the Sign Up and register through the simple step by step process as instructed. Once you have filled the basic information required and uploaded the documents required after that FairLending.in risk assessment team will identity-verify, credit-check and risk-assess your profile. If qualified, your registration as a Borrower will be approved and you can apply for loan on the FairLending.in platform.

Q: What are the registration fees at FairLending.in?

A: FairLending.in does not charge any registration fees. A loan processing fee is charged at the time of disbursal of your loan. The fee is a percentage of the amount disbursed and may vary based on your credit rating:
Note: GST of 18% on the processing fee will be additionally levied.

Q: What is the tenure of loans on FairLending.in?

A: Currently, loan tenures are from minimum 6 months to maximum 36 months depending upon loan amount and other credit factors.

Q: How is Interest Calculated?

A: Interest calculations are on reducing balance basis. Interest is applicable only on the outstanding amount.

Q: What happens if I miss a payment?

A: We would levy penal interest rate and delayed payment charges. Any delay or default of EMI would also impact your capacity to borrow in future.

Q: Can an individual be both a borrower and an investor at the same time?

A: No, not at this moment. Currently, a member can be either a borrower or an investor at a point of time.

Q: Why was my loan application declined?

A: There are several reasons for declining the loan application which includes, misrepresentation, high existing debt, history of loan defaults, etc.

Q: Do credit history checks with credit bureaus impact my credit score?

A: No. At FairLending.in we do a soft check and this does not impact your credit score. FairLending.in uses the Experian report to analyze the credit history.

Q: What interest rates can I expect to pay?

A: Depending upon the personal and financial information provided by borrowers, our automated credit appraisal system defines the interest rate that ranges from 12% to 28%.

Q: Why is email and phone verification necessary?

A: In order to be sure that a person has entered the correct contact information, we verify both email address and phone number. This will help us to serve our members better and in timely manner. Please note that user details will remain confidential as per Privacy Policy.

Q: Will my address and phone number be available online on the website?

A: We do not show anyone’s address or phone number to prevent harassment. Please note that user details will remain confidential as per Privacy Policy